Crypto Market Update (06 February 2019)

The market has made a slight drop since yesterday. Coins are split between positive and negative gains, still with many seeing double digit positive growth. Trading volume has remained between $16 billion and $17 billion in 24 hours. Binance Coin (BNB) and Bitcoin SV (BSV) are the major stand outs of the top 100 coins by market cap - up over 13% and 8% respectively in the past 24 hours. The value of Bitcoin (BTC) is trending at $3,400 for -1.5% and a total market dominance of 53.4%, and the value of Ethereum (ETH) is right at $105 for -2.0% change in the past 24 hours. Market cap for the overall cryptocurrency market declined by roughly $2 billion, falling to $111 billion total.

Major Headlines

Facebook Continues Blockchain Development

It was in May of last year that news of Facebook’s work in blockchain development first surfaced. The company has since showed a great deal of interst in hiring blockchain developers. Most recently, they have brought on team members from the blockchain start up Chainspace - a company that focuses on techniques that will help other blockchain networks scale more efficiently, such as sharding. From the five authors responsible for the start up’s white paper, four will be hired by Facebook. The actual business or its proprietary technology have not been acquired by Facebook. “Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications. We don’t have anything further to share.” - Facebook Press Statement

More Mt. Gox Leaks

The number of issues relating to what was for many years the largest Bitcoin exchange is becoming far more than can be memorable. There is an entire website dedicated to supporting the creditors of Mt. Gox, which has found potentially millions more dollars worth hidden from the public eye. Documents leaked show that their may be another Exchange involved in the erroneous transfers that occured after the Exchange was shut down. The documents point to an Exchange founded in Japan called BitPoint, and the transactions would have occurred only last year. Mt. Gox has been noted as “bankrupt” for years, but could potentially have been hiding cryptocurrencies outside of Authorities reach. The transactions move from BitPoint to the account of the Mt. Gox trustee, Nobuaki Kobayashi amounting to 34.3 billion yen (about $312.5 million at today’s exchange rate).

Gold Backed Iranian Cryptocurrency

A licensed bank in Iran has issued a cryptocurrency that is backed by gold. The coin, called PayMon, was developed in partnership between four banks - Bank Mellat, Bank Melli Iran, Bank Pasargad and Parsian Bank. The primary goal for the banks is to begin a process of tokenization for their assets. This allows them to be more liquid and give the banks’ quicker access to funds. The token will be offered in OTC trading from Iran Fara Bourse,

Top 5 Gainers

Everipedia (IQ) +67.04% at $0.003674

VeriMI (VME) +60.04% at $0.002953

Soma (SCT) +58.58% at $0.032037

Polyibus (PLBT) +48.39% at $1.36

Fire Lotto (FLOT) +35.69% at $0.034671

Top 5 Losers

Vexanium (VEX) -85.59% at $0.003134

Litecoin Cash (LCC) -32.78% at $0.014176

EvenCoin (EVN) -25.69% at $0.413123

Spendcoin (SPND) -24.54% at $0.355855

DPRRating (RATING) -22.96% at $0.000221

New Coins Listed

BitTorrent Token (BTT) listed to Bittrex International

SpendCoin (SPND) listed to Bittrex US

By: BGN Editorial Staff

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